,Singapore

oBike appoints liquidators upon Singapore exit

It also assigned three vendors to clean out bikes and has retrieved 1,000 so far.

oBike has appointed Joshua James Taylor and Yit Chee Wah of FTI Consulting (Singapore) Pte Ltd as its provisional liquidators to officially start the winding up of its business in Singapore, the Land Transport Authority (LTA) revealed.

“We understand that oBike has appointed LTA, CASE, and PDPC will work closely with the liquidators and oBike’s global office to ensure that oBike exits the market responsibly,” LTA said in a Facebook post.

The agency added that it has been monitoring oBike’s progress in removing its bicycles from public spaces. To date, oBike has progressively appointed three vendors, and as of 4 July has removed about 1,000 bicycles.

“As oBike has made preliminary efforts to show their commitment to a full and prompt removal of all their bicycles, LTA has decided not to step in to remove their bicycles at this point in time,” it added. They will only step in to remove the remaining bicycles only if oBike fails to do so by the end of this month.

oBike’s exit from Singapore came as a shock mainly to its users as several of them expressed anger over their unrefunded deposits of $49 or higher in the bike-sharing app. LTA found that the deposits were used to fund the purchases of bikes and the company’s operations.

Meanwhile, with the exit of oBike and ShareBikeSG, analysts believe that the possibility of higher prices and fewer bookings loom even closer for patrons of the service.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

One in 900 job vacancies requires new hires to be vaccinated.
DairyFarm showed the most growth.
ARA LOGOS is currently on the 13th spot.
Meanwhile, the demand for petrochemical exports benefitted from this same crisis.
This is expected to speed up the electronic exchange of trade documents.
This is in support of achieving Absolute Zero Carbon by 2040.
Adults will only shop if goods are discounted by at least 48%, survey says.   About 54% of 1,001 Singaporean adults have plans to shop during the Black Friday sales but only if prices of goods are discounted by at least 48%, a survey from Finder.com showed.
This move is in line with its goal to accelerate recommerce growth in SEA.
The notes were released under its $3m Multicurrency Medium Term Note Programme.
Singtel showed the most growth.
Re-exports also saw an increase of 16.4% in the same month.
The marine company apologised to its workers at the dorm.
SG electricity demand peaked at 7,667MW in October 2021.
The two aim to accelerate the progression of AI.
It will focus on sustainable opportunities for companies in Singapore.